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1、Letter of Credit(L/C)2021/3/291Contents1 An Overview of L/C2 Procedures of L/C3 Types of credit4 Key Issues under L/C2021/3/2921.An Overview of L/CAmong various ways of payment in international trade, L/C is the most commonly used means of payment, because it is reliable and safe.2021/3/2931.1 Defin
2、ition of L/C A L/C is a written undertaking（书面承诺）（书面承诺） by a issuing bank（开证银行）（开证银行）given to the seller/beneficiary（卖方（卖方/ /受益人受益人）at the request ,and on the instruction,of the buyer/applicant（买方（买方/ /申请人申请人）to pay at sight or at a determinable future date up to a stated sum of money,within a presc
3、ribed time limit and against stipulated documents（凭规定（凭规定的单据）的单据）which were complied with the terms and conditions of the credit.2021/3/2941.2 Contents of a L/C1.Type of the credit（信用证类型）（信用证类型）2.Credit number（信用证号码）（信用证号码）3.Place and Date of issue（签发地点和日期）（签发地点和日期）4.Date and place of expiry（到期日期和地点
4、）（到期日期和地点）5.Applicant（开证申请人）（开证申请人）6.Beneficiary（受益人）（受益人）7.Advising bank（通知行）（通知行）8.Amount of credit（信用证的金额）（信用证的金额）9.Nominated bank and credit availability（指定银行和可用信用证）（指定银行和可用信用证）10.Partial shipment（分批装运）（分批装运）2021/3/2951.2 Contents of a L/C11.Transshipment（转运）（转运）12.Insurance clause（保险条款）（保险条款）13
5、.Shipment address（装运地）（装运地）1420.Documents need to be presented（需要提交的文件）（需要提交的文件）21.The latest date for presentation of the documents（提交文件的最近日期）（提交文件的最近日期）22.Advising instruction（建议）（建议）23.Bank to bank instruction（银行对银行指令）（银行对银行指令）24.Number of pages（页数）（页数）25.Signature（签名）（签名）2021/3/2961.3 Parties in
6、volved in a L/C Applicant or opener Issuing bank or opening bank（开证行）开证行） Advising bank Beneficiary Negotiating bank（议付行）（议付行） Confirming bank（保兑行）（保兑行）2021/3/2972.Procedures of L/CSeller/BeneficiaryAdvising bank/Designated bankBuyer/ApplicantIssuing bankShippingcompany contract application and cash
7、 deposits opens a L/C advise L/C examine and require an amendment(修修正案正案) preparedocuments payment Forwards documents and claiming reimbursement examine documents and ask the buyer to redeem pick up goods2021/3/2982.Procedures of L/CStep 1: Step 1: A buyer and a seller enter into a A buyer and a sel
8、ler enter into a sales contract providing payment by a sales contract providing payment by a documentary creditdocumentary credit. .Step 2: Step 2: The buyer instructs the issuing bank The buyer instructs the issuing bank to issue a documentary credit in favor of to issue a documentary credit in fav
9、or of the sellerthe seller. .Step 3: Step 3: The issuing bank opens a The issuing bank opens a documentary credit according to the documentary credit according to the instructions of the applicantinstructions of the applicant. .2021/3/2992.Procedures of L/CStep 4: Step 4: The issuing bank asks anoth
10、er The issuing bank asks another bank, usually in the country of the seller, bank, usually in the country of the seller, to advise and perhaps also to add its to advise and perhaps also to add its confirmation to the documentary creditconfirmation to the documentary credit. .Step 5Step 5：The seller
11、examines the The seller examines the documentary credit, and requires documentary credit, and requires an an amendmenamendment t of the credit if necessary.of the credit if necessary. Step 6: Step 6: The seller examines the The seller examines the documentary credit and prepares for the documentary
12、credit and prepares for the required documents. required documents. 2021/3/29102.Procedures of L/CStep 7: Step 7: The seller presents his documents to The seller presents his documents to the advising bank for settlementthe advising bank for settlement. .Step 8: Step 8: The negotiating bank forwards
13、 The negotiating bank forwards documents to the issuing bank, claiming documents to the issuing bank, claiming reimbursement as agreed between the two reimbursement as agreed between the two banksbanks. .Step 9: Step 9: The issuing bank examines the The issuing bank examines the documents and reimbu
14、rses the negotiating documents and reimburses the negotiating bankbank. .Step10: Step10: The buyer redeems the documents The buyer redeems the documents and picks up the goods against the documentsand picks up the goods against the documents. .2021/3/29113.Types of credit1. According to the attachin
15、g of documents 1) Clean（光票）（光票）credit 2) Documentary（跟单）（跟单）credit2. According to the revocability（可撤销）（可撤销）of credit 1) Revocable credit 2) Irrevocable credit3. According to the transferability（可转让）（可转让）of credit 1) Transferable credit 2) Non-transferable credit4. According to the adding of confirm
16、ation 1) Confirmed（保兑）（保兑）credit 2) Unconfirmed credit5. According to the time of payment 1) Sight credit 2) Usance or time credit2021/3/29123.Types of credit6. According to the method of payment 1) Sight Payment（即期付款）（即期付款）credit 2) Deferred payment（延期付款）（延期付款）credit 3) Acceptance（承兑）（承兑）credit 4)
17、Negotiation（议付）（议付）credit 7. According to the credit amount to be used revolvingly 1) Automatic（自动式循环）自动式循环） 2) Semi-automatic（半自动式循环）（半自动式循环） 3) Non-automatic（非自动式循环）（非自动式循环） 8. Other credits 1) Red clause（预支）（预支）credit 2) Back to back（背对背）（背对背）credit 3) Reciprocal（对开）（对开）credit 2021/3/29134.Key Is
18、sues under L/C4.1 Urging Establishment of 4.1 Urging Establishment of L/CL/Cload.load.2021/3/2914The structure The structure ofof writing a letter urging writing a letter urging establishment of L/C: establishment of L/C: 1.1. Open the letter in a positive way. For example, in the first paragraph th
19、e seller usually informs the buyer that the goods are ready for dispatch or that the shipping space has already been booked. 2.2. Politely push the buyers to open the L/C without delay, either by referring to the stipulations of the contract or by reminding the buyers of the seriousness of not openi
20、ng the L/C in time.3. Express expectations and ask the buyers to take immediate action.2021/3/2915Sample Letter Sample Letter Dear Sirs: With regard to 150 metric tons of chemical fertilizers under S/C No.005,we have got the goods ready for shipment on schedule as contracted. As the date of shipment
21、 is drawing near, we wonder whether you have opened the relevant L/C for the first 75 M/T for shipment during May/June. Please open the L/C as soon as possible so as to enable us to execute your order smoothly. In order to avoid subsequent L/C amendment, please see to it that the L/C stipulations ar
22、e in exact accordance with the contract terms. Your prompt reply will be appreciated. Yours faithfully2021/3/29164.Key Issues under L/C4.2 4.2 L/CL/C Amendment & Extension Amendment & Extensionload,load,2021/3/2917The structure The structure ofof writing a letter asking writing a letter asking for L
23、/C amendment or extension: for L/C amendment or extension: 1. Acknowledge receipt of the L/C and thank the buyer for opening it.2. Point out the problem politely and ask the buyer to make the amendment accordingly. Usually, detailed and courteous explanations for such a request should be provided. 3
24、. End the letter in a way that encourages thebuyer to take immediate action. 2021/3/2918Sample Letter Sample Letter Dear Sirs, We are now pleased to inform you that L/C No.211 issued by the Deutsch Bank for our S/Cno.005 has just been received. However, upon checking the clauses contained herein, we
25、 regret to find that certain points are nit in accordance with the terms stipulated in the sales conformation. The discrepancies are as follows: Insurance is to be effected for 110% of the invoice value, not for 130%. shipment is to be made during Sept./Oct. instead of “on or about Sept.10” Trade terms should be CIF Hamburg, not “CIFC2% Hamburg” Please make the necessary amendment immediately so as to enable us to effect shipment. Yours faithfully2021/3/2919Thank You马荧马荧孙莹孙莹张丽囡张丽囡张媛张媛翟艺晨翟艺晨2021/3/2920
